BAER - Earnings call transcript Q1 2024 | Bridger Aerospace Group Holdings, Inc. Common Stock

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Operator

Greetings, and welcome to the Bridger Aerospace First Quarter Fiscal 2024 Investor Conference Call.

As a reminder, today's call is being recorded. It is now my pleasure to introduce your host, Mr. Eric Gerratt, Chief Financial Officer. Mr. begin. may you Gerratt,

Eric Gerratt

thank joining and today. you afternoon, us for Good

is call Officer, Joining the afternoon Chief Sheehy. me on Tim this Executive Director, Founder and

this of statements as please statements in the not begin, that Litigation defined historical conference Reform Securities in Act describe forward-looking we do call are Before facts Private that XXXX. note contained certain

not to or disclosed uncertainties differ limited could differ materially may Some are on based results expressed that those forward-looking from to, and company's statements. Factors various those materially actual with implied expressed include, statements cause not such the Securities regarding assessments factors that results on forward-looking assumptions, in risks and place Exchange are filings expectations financial by from but the those our Commission, views many for statements, which or that reflect XXXX. Management including to as anticipate future cannot We change. will management's of impact today. developments cause predict should undue control ultimately only subsequent reliance results Listeners and events results.

undertake release However, financial earnings statements other afternoon's this no any today, reconciliation of non-GAAP refer forward-looking of statements. Throughout which to make EBITDA forward-looking definition, measure The and or the on our Exhibit calculation available adjusted or is EBITDA. statements financial we our of the can a to in adjusted update found our any we call and to release, revise be to A earnings obligation website.

results our the for adjusted turn that, a believe to like the GAAP. With We under reported to over as results I'd and call is evaluating in a Tim. reported useful supplement not substitute EBITDA to

Timothy Sheehy

for thanks and the afternoon, today. call Good Eric. Thanks, joining

wildfire maintenance training our us season begins, intensive ready historically late fire fluctuations. carding capital that and or fleet regional mobilize we North to most May in and the finish critical complexity is while American and June. Each flight the quarter, to when its first to early so has season are agency own complete allow on winter Our

snowpack and in heavy deployment predicting MMA the wildfire in due intelligence the fire saw weather late seasonal season. In experienced of season year we or we a a year, to active in many February, provide to last aircraft our XX Oklahoma the years. with in Texas, start we company early one to Oklahoma PC-XX arid second While with and in Pilatus a earliest This slowest season wildfires multi-mission April. aerial history deployed deployed for PC-XX with dry XXXX more

firefighting platform Our proprietary a sensor tactical component leverages of capabilities. our decision-making mapping program, MMA architecture and incident data critical of planning, and leading-edge the and

the aircraft a aircraft Scoopers X-year received of for remain operate Interior with multi-mission early In of X CL-XXXEAF Affairs, Order Indian Task and a Order under Department contract from on we Bureau X March, both Our Task today. U.S. Super the and

history the which battling largest ] history Service of at our Forest in and of company deployed Scoopers earliest This the is quarter before $X.X State of returning history. -- in activity Montana. Texas million. led the early the Texas, history, is This wildfire our highest recently revenue request wildfire [ the in Scoopers first in to in X weeks deployment state operational for to activity were seasonal at our our

for the seasons, the driving the should services. and fire Looking long-term suppression longer XX our active, wildfire conditions, drier very surveillance and be warmer wildfires XXXX due indications U.S. early aerial larger continuing at trend and for season continued of demand overall

expanding offset of services to firefighting important strategy and our aerial new mission-critical geographies. by wildfire areas is fluctuations An activity part to in our

Canada the covered year translated last through last regulatory Canada of the in the going to in deployment most company and Our in the history territory having process year.

as operations part assist Bridger that going forward. hopeful in are can Canada normal of We

fires continued American seasonal erupting smolder predicted the in over situation have have Colombia, Wisconsin. blazes 'XX, outlook with weekend fires, the XXXX been that or In Also above throughout Vancouver complicating the according new at average be burning assessment above is border added. winter. underground North the risk in are Minnesota Canada These fires to to still Phoenix, zombie fact, and base to wildfire [indiscernible], in and fire fires from

Beyond coming Asset North Scoopers X government America, and we the partnership with to our meaningfully us Sustainable over Avenue on last expand expand the into to our Solutions positions purchase Europe, track Spanish and years. of with completed plans fleet fall Marathon the Super Management Fund, from

say future with available overseeing to As end the our develop return wildfire we and subsidiary, real-time, on firefighter fire Europe, our platform web Albacete and continue Scooper which Aero, on Super I'm into to to data the Scoopers, expansion this of situational first work schedule Ignis the the the panel season. Touching X part is pioneering service be to build is awareness subsidiary, pleased of on produces our manage elevates XXXX risk. by and high-value that better mobile to Technologies

the start training we are maintenance, with resources. to seasonal winding other and up our we of activities full and spectrum our the season, As fire aviation approach

the and We from are uniquely lives international federal state, positioned to a assist growing properties protecting and thread and our customers of wildfires.

it turn performance. to about Eric, back will who talk our now me Let

Eric Gerratt

Thank Tim. you,

work agreement revenue return of maintenance with the from of Scooper Spanish Asset Marathon Looking quarter as We Super annual at the to first deployment Texas for partnership our to XXXX, quarter to for Avenue $X aircraft the by our start surveillance activities and revenue Solutions part seasonality, a Oklahoma. due approximately this first Scoopers Sustainable performed and minimal was Spanish U.S. results quarter wildfire and quarter Management record early preparation $X.X First of we in fleet Albacete compared our of on Aero XXXX. subsidiary, related our also first quarter included complete year revenue million while the to benefited Typically, year, the Fund. season. This Super service in was revenue first $XXX,XXX of the million to

first of noncash other business $XX.X first first XXXX as expenses stock-based to higher decrease expense the over Cost units higher million administrative Creek the This million first was XXXX. quarter first attributable million January $X.X in with XXXX fees connection comprised and lower similar for operation in quarter the professional additional in aircraft quarter combination. Interest to with XX% of XXXX Scooper to expenses million was quarter million in the earlier labor XXXX. The of first million other quarter and in than quarter typical $X.X attributable income was to XXXX to combination compared restricted $X.X included to employee realize compensation the into in of of primarily reported as related that quarter stock of The year. the from compared revenues XXXX expenses and million quarter the Corp. first of and compared XXXX. Selling, of expenses Bridger in the in associated first first to fees the of Investment lower XXXX million for the deployment the in expenses flight quarter The decrease to general of well expect in services business relates February year. flight the operation with first $X.X first the last of were of the when also We expense which issued to of result $X.X first operations an the for up for the of of a quarter Jack $XX.X quarter future XXXX, first $X.X maintenance XXXX. the first also million increased quarters. Cost last XXXX of of to in million revenues million increase of Super $X.X fleet quarter amounts service expenses quarter $X XXXX the in aforementioned compares connection as partially placed of was to flight with and $X.X maintenance expenses compared quarter $X.X of of million.

the negative the we which quarter fixed and with U.S. first in net loss to compared cost positive the and Due net a fourth compared quarter of adjusted EBITDA million million quarters, and historically to in wildfire to second EBITDA in with each quarter first coincides net For a of the Adjusted quarters $XX.X million generates negative primarily of the our company largely the $XX.X loss year negative season. first the $XX.X seasonality, third of generated $X.X in improved XXXX, of loss of XXXX. XXXX. million reported first to EBITDA structure a

Turning to our sheet. balance

of revenue. is the year As capital every to most fleet typically the coupled in quarter due first with training and the winter Tim activities constrained working mentioned, maintenance months, minimal

cash As the total through and of $XX.X the quarter cash net the wildfire direct April restricted million. an $X.X going million improved proceeds of cash In company we in offering, resulting position approximately our raised XXXX, a registered result, into season. ended with

by impact February reiterated the Texas in adjusted than we target of to in with we joint that, restricted million and as with work to comments. Tim the final turn cash to issued returned remain in revenue are as on structure of I'd April largely partnership Bridger our $XX XXXX excludes million to be Scoopers reductions flight then fixed generate guidance XXXX of to Spanish in from in company's $XX XX, Supported conjunction quarter, to the million projected $XX.X million acquired venture November the quarter activity balance and like which cost Our was to service. With the EBITDA total back is the call XXXX. million. This any maintenance includes guidance results. of by fourth undergoing order normal cash Oklahoma $XX the to on release the and in impact earlier recent $XX of the Super and for

Timothy Sheehy

of more to and profitable season another XXXX. structure record our first year team, joining for are quarter, a in proud well another we the everyone, the thanks, model efficient strong and business on to I'm and Eric, start record team -- today's a performance our operating in a fundamentals quarter and management incredibly call. positioned Thanks, with us report seasoned the jump

experience, quarter you this Investor you. to excited and continued found new Thank creation when anyone bring We them executives our section forward guide the to to our each which past look the to our updating quarter. And Board a any has website. progress report seasoned welcome of second Bridger questions, They believe reach IR are on August. of to valuable help our also follow-up out on prove in if our contact results please we Relations wealth growth will Aerospace. value to we X We

Operator

participation. you. We your conclude This appreciate does today's Thank presentation.

You may any disconnect time. at

Bridger Aerospace Group Holdings, Inc. Common Stock (BAER) 13 May 242024 Q1 Earnings call transcript